Price List 2023

New York Stock Exchange

Price List 2023

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 Price List 2023

Last Updated: January 3, 2023

Transaction Fees*
Regular Session Trading1

Transactions in stocks with a per share stock price of $1.00 or more

Non-Tier Adding Credit – Equity per Share Credit - per transaction - for all
orders, other than Mid-Point Liquidity (“MPL”) and Non-Displayed Limit Orders
that add liquidity to the NYSE unless a higher credit applies $0.0012

Adding Credit for Non-Displayed Limit Orders when adding liquidity to the
NYSE unless a higher credit applies. No credit

If the member organization has Adding ADV in Non-Displayed Limit Orders

that is at least 0.12% of Tapes A, B and C CADV combined, excluding any
liquidity added by a DMM. $0.0010

If the member organization has Adding ADV in Non-Displayed Limit

Orders that is at least 0.15% of Tapes A, B and C CADV combined, excluding
any liquidity added by a DMM. $0.0018

$0.0005 if an increase of at
least 0.02% and less than
0.04%

$0.0010 if an increase of at
If the member organization has Adding ADV in Non-Displayed Limit least 0.04% and less than
Orders and MPL Orders in Tapes A, B and C CADV combined, excluding any 0.08%
liquidity added by a DMM, that is at least 0.02% of NYSE CADV over that
member organization’s May 2020 adding liquidity in Non-Displayed Limit $0.0015 if an increase of at
Orders and MPL Orders taken as a percentage of NYSE CADV. least 0.08% or more

Floor broker cross trades (i.e., a trade where a Floor broker executes
customer orders to buy and sell an equivalent amount of the same security) –
Equity per Share Credit - per transaction (credited to both sides) $0.0006

Non-electronic agency transactions between floor brokers in the crowd– Equity

per Share Credit – per transaction (credited to both sides) $0.0006

Non-electronic agency transactions of Floor brokers that execute against the

Book intraday (i.e., other than at the open or close) - Equity per Share Credit –
per transaction $0.0006

*
For purposes of determining transaction fees and credits based on quoting and/or liquidity levels, average daily volume (“ADV”), and
consolidated ADV (“CADV”), the Exchange may exclude shares traded any day that (1) the Exchange is not open for the entire
trading day, (2) is the date of the annual reconstitution of the Russell Investments Indexes, and/or (3) a disruption affects an
Exchange system that lasts for more than 60 minutes during regular trading hours. Unless otherwise specified, references to
volumes, quoting, ADV and CADV herein refer to Tape A securities.
1
Does not apply to transactions by members acting as a Designated Market Maker for own account.
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 Price List 2023

Executions at the Open Equity per share Charge2 – per transaction (both $0.0010
sides).
$0.0003 (Floor broker
executions)

$0.0005 (designated with a

Retail Modifier as defined in
Rule 13 (“Retail Modifier”))

Executions at the Close Equity Per Share Charge – per transaction (both
sides) –

Closing Offset (“CO”) Orders No Charge

MOC/LOC Tier 1:
For all MOC and LOC orders from any member organization in the prior three
billing months executing an ADV4 of MOC activity on the NYSE of at least MOC Orders: $0.0007
0.45% of NYSE (Tape A) CADV, ADV4 of the member organization’s total
close activity (MOC/LOC and other executions at the close) on the NYSE of at
least 0.7% of NYSE CADV, and whose MOC activity comprised at least 35% LOC Orders: $0.0007
of the member organization’s total close activity (MOC/LOC and other
executions at the close).

MOC/LOC Tier 2:
For all MOC and LOC orders from any member organization in the prior three
billing months executing an ADV4 of MOC activity on the NYSE of at least MOC Orders: $0.0008
0.35% of NYSE (Tape A) CADV, ADV4 of the member organization’s total
close activity (MOC/LOC and other executions at the close) on the NYSE of at
least 0.525% of NYSE (Tape A) CADV, and whose MOC activity comprised at LOC Orders: $0.0008
least 35% of the member organization’s total close activity (MOC/LOC and
other executions at the close).

MOC/LOC Tier 3:
For all MOC and LOC orders from any member organization in the current
billing month executing an ADV4 of MOC activity on the NYSE of at least MOC Orders: $0.0009
0.20% of NYSE (Tape A) CADV, ADV4 of the member organization’s total
close activity (MOC/LOC and other executions at the close) on the NYSE of at
least 0.30% of NYSE (Tape A) CADV, and whose MOC activity comprised at LOC Orders: $0.0009
least 35% of the member organization’s total close activity (MOC/LOC and
other executions at the close).

MOC Orders: $0.0010

MOC Orders Executed by a
Floor broker: $0.0005, unless
lower tiered fee applies
Non-Tier MOC/LOC:
LOC Orders: $0.0011
For all MOC and LOC orders from any member organization in the prior three
billing months that do not meet the Tier 1, Tier 2, or Tier 3 requirements MOC and LOC Orders with a
above, the following rates shall apply. Retail Modifier: $0.0008,
unless lower tiered fee applies

2
$35,000 cap per month per member organization provided that the member organization executes an average daily trading volume
(“ADV”) that adds liquidity to the NYSE during the billing month (“Adding ADV”), excluding liquidity added by a Designated Market
Maker, of at least five million shares.
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Incremental Discounts on MOC Orders Incremental per share

Member organizations that meet the requirements of the MOC/LOC Tiers discount on MOC orders of:
above can qualify for the following discounts on MOC Orders in the billing
month:
If the member organization has an Adding ADV in Tapes A, B and C Securities
as a percentage of Tapes A, B and C CADV, excluding any liquidity added by $0.0001
a DMM, that is at least 0.50%,
or
or

If the member organization has an Adding ADV in Tapes A, B and C Securities

as a percentage of Tapes A, B and C CADV, excluding any liquidity added by $0.0002
a DMM, that is at least 1.00%.

If the member organization has an ADV of at least 250,000 shares entered

and executed by its affiliated Floor broker. $0.0001

Executions at the Close: The first 750,000 ADV4 of the

aggregate of executions at the
For D Orders, Floor broker executions swept into the close, including verbal close by a member
interest, and executions at the close, excluding MOC Orders, LOC Orders and organization…….No Charge9
CO Orders.
After the first 750,000 ADV of
the aggregate of executions at
the close by a member
organization
 D Orders last modified10 by
the member organization
earlier than 25 minutes
before the scheduled close
of trading.………$0.0003

 D Orders last modified10

from 25 minutes up to but
not including 3 minutes
before the scheduled close
of trading ………$0.0007

 D Orders last modified10 in

the last 3 minutes before
the scheduled close of
trading……..……$0.0008
(Firms in MOC/LOC Tiers 1
and 2, both with Adding
ADV of at least 0.50% of
Tape A CADV).….$0.0010
(All other firms)

 Orders from continuous

trading swept into the
close….………...$0.0008

Equity per Share Charge3 – per transaction –MPL orders that remove liquidity
from the NYSE (Adding Tier Credits do not apply) and with no Retail Modifier. $0.0030

Equity per Share Charge3 – per transaction – for MPL orders that remove
liquidity from the NYSE (Adding Tier Credits do not apply) and with a Retail
Modifier $0.0010

3
Includes shares, rights and warrants.
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Equity per Share Credit – per transaction – for all MPL orders in Tapes A, B
and C securities, other than MPL orders from Designated Market Makers
(“DMMs”), that add liquidity to the NYSE (Adding Tier Credits do not apply)

Unless the higher credit set forth immediately below applies $0.0010

If the member organization has Adding ADV in MPL orders that is at least
0.0075% of Tapes A, B and C CADV combined, excluding any liquidity added
by a DMM $0.0020

If the member organization has Adding ADV in MPL orders that is at least
0.015% of Tapes A, B and C CADV combined, excluding any liquidity added
by a DMM $0.00250

If the member organization has Adding ADV in MPL orders that is at least
0.075% of Tapes A, B and C CADV combined or an Adding ADV in MPL
orders of 7.25 million shares, excluding any liquidity added by a DMM $0.00275

Tier 1 Adding Credit – Equity per Share Credit – per transaction – for all
orders, other than MPL and Non-Display Reserve orders that add liquidity to
the NYSE if the Member Organization (i) has Adding ADV which shall exclude
any liquidity added by a DMM that is at least 1.20% of NYSE CADV, and (ii)
executes MOC and LOC orders of at least 0.12% of NYSE CADV. $0.0022

Tier 2 Adding Credit – Equity per Share Credit – per transaction – for all
orders, other than MPL and Non-Display Reserve orders that add liquidity to
the NYSE if the Member Organization (i) has Adding ADV that is at least
0.75% of NYSE CADV, and (ii) executes MOC and LOC orders of at least
0.10% of NYSE CADV. $0.0020

Tier 3 Adding Credit – Equity per Share Credit – per transaction – for all
orders, other than MPL and Non-Display Reserve orders, that add liquidity if
the Member Organization has an Adding ADV, excluding SLP and as a DMM
Adding ADV, that is at least 0.35% of NYSE CADV. $0.0019

Tier 4 Adding Credit – Equity per Share Credit – per transaction – for all
orders, other than MPL and Non-Display Reserve orders that add liquidity to
the NYSE if the Member Organization either (A)(i) has an Adding ADV that is
at least 0.40% of NYSE CADV, and (ii) executes MOC and LOC orders of at
least 0.05% of NYSE CADV, or (B)(i) has an Adding ADV that is at least
0.30% of NYSE CADV, (ii) executes MOC and LOC orders of at least 0.05% of
NYSE CADV, and (iii) has an Adding ADV in MPL orders of at least 200,000
shares. $0.0018

Tier 5 Adding Credit – Equity per Share Credit – per transaction – for all
orders, other than MPL and Non-Display Reserve orders, that add liquidity if
the Member Organization’s Adding ADV, excluding liquidity added as an
Supplemental Liquidity Provider and as a DMM, is

(i) at least 0.29% of NYSE CADV, or

(ii) at least
a. 0.125% of NYSE CADV and
b. Two (2) times more than the Member Organization’s Adding
ADV in Tape A Securities in Q1 2021 as a percentage of
NYSE CADV. $0.0017

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Tier 6 Adding Credit – Equity per Share Credit – per transaction – for all
orders, other than MPL and Non-Display Reserve orders, that add liquidity if
the Member Organization’s Adding ADV, excluding liquidity added as a
Supplemental Liquidity Provider and as a DMM, is at least either:

(i) 0.22% of NYSE CADV, or

(ii) 0.15% of NYSE CADV that is at least 0.05% of NYSE CADV above
the Member Organization’s Q1 2021 adding liquidity as a percentage
of NYSE CADV. $0.0015

Step Up Tier 1 Adding Credit – Equity per Share Credit – per transaction – for $0.0019 if an Adding ADV of
all orders, other than MPL and Non-Displayed Limit Orders, that add liquidity at least 0.45% and less than
to the NYSE if the Member Organization has Adding ADV, excluding any 0.65% of NYSE CADV
liquidity added by a DMM, that is (i) at least 0.45% of NYSE CADV, and (ii) at
least 0.20% of NYSE CADV over that Member Organization’s March 2019 $0.0020 if an Adding ADV of
adding liquidity taken as a percentage of NYSE CADV. at least 0.65% of NYSE
CADV and at least 0.60% of
NYSE CADV over that
Member Organization’s
March 2019 adding liquidity
taken as a percentage of
NYSE CADV

Step Up Tier 2 Adding Credit – Equity per Share Credit – per transaction – for
all orders, other than MPL and Non-Displayed Limit Orders, that add liquidity In Tapes A, B and C
to the NYSE if the Member Organization quotes at least 15% of the NBBO in securities:
300 or more Tape A securities on a monthly basis and has Adding ADV in
Tapes A, B and C securities as a percentage of Tapes A, B and C CADV, $0.0025 if an increase of at
excluding any liquidity added by a DMM, that least 0.10% and less than
0.20%
(i) is at least 1.75 times more than the Member Organization’s Adding
ADV in Tapes A, B and C securities in July 2019 as a percentage of $0.0029 if an increase of at
Tapes A, B and C CADV, least 0.20% and less than
0.35%
(ii) adds liquidity as an Supplemental Liquidity Provider in Tape A
securities of at least 0.05% of NYSE CADV, and $0.0030 if an increase of at
least 0.35% and less than
(iii) exceeds the Member Organization’s Adding ADV, excluding any 0.45%
liquidity added by a DMM, in Tapes A, B and C securities in July
2019 as a percentage of Tapes A, B and C CADV by at least 0.10% $0.0031 if an increase of at
of Tapes A, B and C CADV. least 0.45% or more

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Step Up Tier 3 Adding Credit – Incremental Equity per Share Credit – per
transaction – for all orders from a qualifying member organization market
participant identifier ("MPID") or mnemonic that sets the NBBO or a new BBO
if the MPID or mnemonic:

(i) has Adding ADV in Tapes A, B and C Securities as a percentage of Tapes

A, B and C CADV, excluding any liquidity added by a DMM, that is at least
50% more than the MPID’s or mnemonic’s Adding ADV in Tapes A, B and C
securities in June 2020 as a percentage of Tapes A, B and C CADV, and

(ii) is affiliated with an Supplemental Liquidity Provider that has an Adding

ADV in Tape A securities at least 0.10% of NYSE CADV, and

(iii) has Adding ADV in Tape A securities as a percentage of NYSE CADV,

excluding any liquidity added by a DMM, that is at least 0.20%.

The incremental credit does not count toward the combined limit on SLP
credits of $0.0032 per share provided for in the SLP Adding Tiers.

For MPIDs or mnemonics of qualifying member organizations that are SLPs in

a month where Tape A, Tape B and Tape C CADV combined equals or
exceeds 13.0 billion shares per day for the billing month, CADV for that month
will be subject to a cap of 13.0 billion shares per day for the billing month, and
in a month where NYSE CADV equals or exceeds 5.5 billion shares per day
for the billing month, NYSE CADV for that month will be subject to a cap of 5.5 $0.0006 incremental credit in
billion shares per day for the billing month. Tapes A, B and C securities

Step Up Tier 4 Adding Credit – Equity per Share Credit – per transaction – for
all orders, other than MPL and Non-Displayed Limit Orders, that (i) has an
Adding ADV that is at least 0.20% of NYSE CADV, and (ii) has an Adding
ADV, excluding any liquidity added by a DMM, that is at least 0.05% of NYSE
CADV over that Member Organization’s November 2020 adding liquidity taken
as a percentage of NYSE CADV. $0.0015

Step Up Tier 5 Adding Credit – Incremental Equity per Share Credit – per
transaction – for all orders that add liquidity to the NYSE, other than MPL and
Non-Displayed Limit Orders, from a qualifying member organization’s MPID or
mnemonic, if the member organization has Adding ADV, excluding any
liquidity added by a DMM, that is at least 1.00% of Tape A CADV, and if the
MPID or mnemonic has an Adding ADV as a percentage of Tape A CADV,
excluding any liquidity added by a DMM, that is:

(i) at least two times more than that MPID’s or mnemonic’s $0.0001 incremental credit if
Adding ADV in January 2021 as a percentage of Tape A an increase of at least 0.10%
CADV, and and less than 0.175%
of Tape A CADV
(ii) at least 0.10% of Tape A CADV over that MPID’s or
mnemonic’s Adding ADV in in January 2021 as a $0.0002 incremental credit if
percentage of Tape A CADV. an increase of at least
0.175% of Tape A CADV

Equity per Share Credit – per transaction – for all transactions of orders, other
than MPL and Non-Display Reserve orders with a Retail Modifier that add
liquidity to the NYSE $0.0032

Equity per Share Charge3 for all other non-Floor broker transactions
(i.e., when taking liquidity from the NYSE) unless the charge set forth
immediately below applies - per transaction $0.0030: Tape A, B and C
Equity per Share Charge3 for all other non-Floor broker transactions
(i.e., when taking liquidity from the NYSE) if the Member
Organization has an Adding ADV, excluding liquidity added by a
DMM, that is at least:
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$0.00290: Tape A
2,000,000 ADV4 on the NYSE in Tape A $0.00285: Tape B and C

7,000,000 ADV4 in Tape A and 500,000 ADV in Tape B and Tape C

combined during the billing month $0.00285: Tape A, B and C

14,000,000 ADV4 in Tape A and 750,000 ADV in Tape B and Tape C $0.0028: Tape A
combined during the billing month $0.00285: Tape B and C

Equity per Share Charge3 – per transaction – for a Floor broker D Order that
removes liquidity unless the charge set forth immediately below applies $0.0005

Equity per Share Charge3 – per transaction – for all Floor broker D Orders that
remove liquidity from any Member Organization executing an ADV4 of at least
500,000 shares in D Orders that remove liquidity from the NYSE in that month $0.0015

Equity per Share Charge3 for all other Floor broker transactions (i.e., when $0.0024; or $0.0030 if an
taking liquidity from the NYSE) - per transaction MPL Order; or No Charge for
MPL orders with a Retail
Modifier

Routing Fee – per share $0.0035; or $0.0030 if the

member organization has
adding ADV in Tapes A, B,
and C combined that is at
least 0.20% of Tapes A, B
and C CADV combined

No fee for a Directed Order,

as defined in Rule 7.31(f)(1),
routed to OneChronos LLC

Credit per Share - for executions of orders , other than MPL orders, sent to the $0.0019; or the Tier 1 Adding
floor broker for representation on the NYSE when adding liquidity to the NYSE Credit or Tier 2 Adding Credit
Display Book system unless the higher credits set forth immediately below for qualifying member
apply organizations

Credit per Share - for executions of orders, other than MPL orders, sent to the
Floor broker for representation on the NYSE when adding liquidity to the
NYSE Display Book system if the Member Organization has an ADV4 that
adds liquidity to the NYSE by the Floor broker during the billing month that is
at least:

(a) .07% of CADV

...........................................................................................................................
(b) .25% of CADV
........................................................................................................................... $0.0020
(c) .33% of CADV $0.0021
........................................................................................................................... $0.0022

Transactions in stocks with a per share stock price less than $1.00

Equity per Share Charge - per transaction - when adding liquidity to the NYSE
in any stock with a per share stock price below $1.00 (displayed and non-
displayed) No Charge

Floor broker cross trades (i.e., a trade where a Floor broker executes
customer orders to buy and sell an equivalent amount of the same security) No Charge

4
For purposes of transaction fees and Supplemental Liquidity Provider liquidity credits, ADV calculations exclude early closing days.
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Non-electronic agency transactions between Floor brokers in the crowd No Charge

Non-electronic agency transactions of Floor brokers that execute against the

Book intraday (i.e., other than at the open or close) No Charge.

Non-electronic agency transactions of Floor brokers that execute at the close No Charge

Executions at the Open Equity per share Charge2 – per transaction (credited to
both sides) 0.3% of the total dollar value
of the transaction

Executions at the close (except MOC and LOC orders) No Charge

Credit per Share - for executions of orders in any stock with a per share stock
price below $1.00 sent to the floor broker for representation on the NYSE
when adding liquidity to the NYSE Display Book system. $0.0004

Routing Fee – per share in any stock with a per share stock price below $1.00 0.3% of the total dollar value
of the transaction

Equity per Share Charge3 - per transaction (charged to both sides) – for all
MOC and LOC orders, in each case in any stock with a per share stock price 0.3% of the total dollar value
below $1.00 of the transaction

Equity per Share Charge for all other transactions (i.e., when taking liquidity
from the NYSE) - per transaction in any stock with a per share stock price
below $1.00 0.3% of the total dollar value
of the transaction

Closing Offset (“CO”) Orders No Charge

Fees and Credits applicable to Designated Market Makers (“DMMs”)

General:

 DMM Additional Quoting: DMM increased quoting at the National Best Bid or Offer (“NBBO”) by at least 5%
over the DMM’s quoting at the NBBO in September 2019, in at least 300 assigned securities.
 DMM Providing Liquidity: DMM orders that provide liquidity to the NYSE as a percentage of the NYSE’s total
intraday adding liquidity.
 DMM NBBO Quoting: DMM quoting at the NBBO.
 DMM Quoted Size: Calculated by multiplying the average number of shares of the applicable security quoted
at the NBBO by the DMM by the percentage of time during which the DMM quoted at the NBBO.
 Less Active Securities: Securities that have an average daily consolidated volume (“Security CADV”) of less
than 1,000,000 shares per month in the previous month.
 NYSE Quoted Size: Calculated by multiplying the average number of shares quoted on the NYSE at the
NBBO by the percentage of time the NYSE had a quote posted at the NBBO.
 More Active Securities: Securities with a Security CADV in the previous month at least 1,000,000 (shares per
month).

Rebate Per Share* when adding liquidity, other than MPL Orders for stock price of at least $1.00 for DMM symbols that
meet the following requirements:

Minimum Requirements

Security DMM NBBO DMM Quoted DMM Credit Additional Credit if

Quoting Size Providing DMM Meets
Liquidity

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Additional Quoting
Requirement

10% 5% $0.0027 $0.0004

20% 10% 5%** $0.0031 $0.0003

30% 15% 15%** $0.0034 $0.0001

50% 25% 15%** $0.0035

More Active
Securities $0.0015 $0.0012

15% $0.0035 $0.0010

30% $0.0045
Less Active
Securities $0.0015 $0.0020

* Rebates will be applied when (i) posting displayed and non-displayed orders on Display Book, including s-quote and
s-quote reserve orders; (ii) when providing liquidity on non-displayed interest using the Capital Commitment Schedule;
or, prior to the implementation of the Capital Commitment Schedule, using the following message activities: price
improvement, size improvement (PRIN FILL), matching away market quotes; and (iii) when executing trades in the
crowd and at Liquidity Replenishment Points. Rebates will not apply to executions at the open.

** Ina month where NYSE CADV is at least 5.5 billion shares, the DMM must instead have DMM Providing Liquidity of
at least 7.5% in each such security for that month for the $0.0034 and $0.0035 credits and DMM Providing Liquidity of
2.5% in each such security for the $0.0031 credit.

Unless otherwise stated, the NYSE total intraday adding liquidity will be totaled monthly and includes all NYSE adding
liquidity, by all NYSE participants.

Incremental Rebate Per Share for each More Active Security with a stock price
of at least $1.00 on current rebates of $0.0034 or less, in a month where
NYSE CADV is equal to or greater than 4.0 billion shares, when adding
liquidity with orders, other than MPL Orders, in such securities and the DMM
has providing liquidity in all assigned securities as a percentage of NYSE $0.0002 per share in
CADV that is an increase of 0.30% more than the DMM’s April 2020 providing each eligible assigned
liquidity in all assigned securities as a percentage of NYSE CADV. More Active Security

DMM NBBO Setter Tier Credit – Incremental Rebate Per Share for securities with a stock price of at least $1.00 in
Tape A, B and C Securities, when adding liquidity, other than MPL Orders, for DMMs with providing liquidity in all
assigned securities as a percentage of NYSE CADV of all assigned securities as follows.

Minimum Requirement as a Percentage of NYSE Credit for Adding Credit for Credit for all other
CADV orders that set the Adding orders adding orders,
NBBO that set the BBO other than MPL
Orders

Providing liquidity Providing liquidity Liquidity Indicator: Liquidity

setting the NBBO or Indicator:
BBO combined ASP
ASB, AJP

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0.65% 0.120% $0.00005

0.90% 0.225% $0.0002 $0.000075 $0.00005

1.25% 0.375% $0.0003 $0.0001 $0.0001

Other Equity Per Share Charges

Taking liquidity $0.00275

At the opening, at the opening only orders or executions at the close

No Charge

Routing Fee***
$0.0030

0.3% of the total dollar

Routing Fee – in any stock with a per share stock price below $1.00
value of the transaction

Rebate per Share* – for all MPL orders in securities with a per share price of at
least $1.00 that add liquidity
$0.00275

Rebate* when adding liquidity in shares of More Active Securities if the More
Active Security has a stock price of less than $1.00
$0.0004

Rebate* when adding liquidity in shares of Less Active Securities if the Less
Active Security has a stock price of less than $1.00
$0.0004

***
Applies to all orders routed from the New York Stock Exchange and executed in another market. The Routing Fee
will be billed monthly.

Monthly rebate payable to a DMM, and prorated to the number of trading days in a month that a stock is assigned to a
DMM, based on the following Security CADV in the previous month+ (regardless of whether the stock price exceeds
$1.00) in any month in which the DMM meets the Less Active Securities Quoting Requirement. DMMs that meet the
Less Active Securities Quoting Requirement and the DMM Additional Quoting Requirement in the billing month will
qualify for the next highest monthly rebate.

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Security CADV in Minimum Requirement for DMM

the previous month
Quoting at the NBBO and Credit per Symbol

15% 20% 30% 40% 50%

250,000 up to $200.00 $275.00 $350.00 $425.00 $500.00

1,500,000 shares

100,000 up to $150.00 $225.00 $300.00 $375.00 $450.00

250,000 shares

less than 100,000 $100.00 $175.00 $250.00 $325.00 $400.00

shares

DMM share of the market data quote revenue (the “Quoting Share”) received by the Exchange from the
Consolidated Tape Association under the Revenue Allocation Formula of Regulation NMS with respect to
any security that has a Security CADV of less than 1,500,000 shares in the previous month (regardless of
whether the stock price exceeds $1.00) in any month in which the DMM quotes at the NBBO at least 20%
of the time in the applicable month as follows:

Minimum requirement: DMM 15% 20%

NBBO Quoting

DMM share of the Quoting Share 50% 100%

if meeting the above DMM
NBBO Quoting Requirement

DMM Exchange Traded Product (“ETP”) Incentive

For each ETP assigned to a DMM on the last day of the billing month:

Monthly DMM NBBO Quoting Per ETP Monthly Credit per ETP for First 12 Months of
Symbol Listing on NYSE

30% or more $4,000

Under 30% $2,000

+
In a month where NYSE CADV is at least 5.5 billion shares, the NYSE will use the most recent month where NYSE CADV is less
than 5.5 billion shares to calculate Security CADV.

5.
Reserved
6.
Reserved
7.
Reserved
8
Reserved
9
For member organizations that execute an ADV on the NYSE during a billing month in excess of 750,000 shares, the Exchange will
determine the average fee applicable to that member organization based on all executions at the close for that month and will not
charge that average fee for executions below the 750,000 ADV.
10
As used herein, “last modified” means the later of the order’s entry time or the final modification or cancellation time for any D Order
designated for the close with the same broker badge, entering firm mnemonic, symbol, and side.

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Credit Applicable to Supplemental Liquidity Providers (“SLPs”)

Credit per Share - per transaction - for affiliated SLP - when adding liquidity to
the NYSE, with orders, other than MPL and Non-Displayed Reserve Orders, in
securities with a per share price of $1.00 or more, if an SLP does not qualify
for the higher credit set forth below (“SLP Non-Tier”) The applicable Non-
Tier or Tiered non-SLP
Adding Credit

SLP Adding Tiers

For SLP symbols that meet the 10% average quoting requirement in an assigned security pursuant to Rule 107B,
other than MPL Orders, in securities with a per share price of $1.00 or more:

Minimum Requirements

SLP Adding
Tier for Adding SLP Adding ADV % Tape A Tiered Tiered Non
ADV % Tape A
Liquidity CADV Display Credit Display Credit
CADV If DMM*

First 2
calendar
SLP Tier 7 N/A $(0.0029) $(0.00105)
months as an
SLP

SLP Tier 6 0.20% 0.08% $(0.0023) $(0.0006)

SLP Tier 5 0.25% 0.18% $(0.0026) $(0.0006)

SLP Tier 4 0.45% 0.24% $(0.0029) $(0.0009)

SLP Tier 3 0.60% 0.36% $(0.00305) $(0.00105)

0.75% if
qualifying
for SLP
SLP Tier 2 0.90% 0.45% $(0.0031) $(0.0012)
Cross Tape
Incentive
Tier 1

0.80% if
qualifying
for SLP
SLP Tier 1 1.00% 0.55% $(0.0032) $(0.0012)
Cross Tape
Incentive
Tier 1

* For SLPs that are also DMMs subject to Rule 107B(i)(2)(A) and that are registered as a DMM in at least 500
Tape A issues.

 Combined SLP credits, including additional credits above, shall not exceed $0.0032 per share in a billing
month.

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 Price List 2023

 SLPs that meet the requirements of one of the above tiers and add liquidity in Tapes B and C securities of at
least 0.25% of Tape B and Tape C CADV combined, will receive an additional credit as follows: if meeting
SLP Tiers 3, 4, 5, 6, or 7: $0.0001; if meeting SLP Tiers 1 or 2: $0.00005. These additional credits of
$0.0001 or $0.00005, along with the credit for the SLP Tape A Tier in Tape B and C Securities in the
“Transaction Fees and Credits for Tape B and C Securities” section below, are subject to the combined limit
of $0.0032 per share above.

 In SLP Tier 1, Tier 2 and Tier 7, SLPs will receive an additional $0.00005 per share for adding liquidity, other
than MPL and Non-Display Reserve orders, in securities where they are not assigned as an SLP or do not
meet the 10% average or more quoting requirement in an assigned security pursuant to Rule 107B.

Other Credits

$0.0032; or the rates

set forth elsewhere in
this section if a Non-
Credit per Share – per transaction – for SLPs – when adding liquidity to the Displayed Reserve
NYSE with orders with a Retail Modifier in securities with a per share price of Order or an MPL Order
$1.00 or more.

Credit per Share – per transaction – for affiliated SLPs – when adding liquidity
to the NYSE in securities with a per share price of less than $1.00, if an SLP
(i) meets the 10% average or more quoting requirement in an assigned
security pursuant to Rule 107B (quotes of an SLP-Prop and an SLMM of the
same member organization shall not be aggregated) and (ii) adds liquidity for
all assigned SLP securities in the aggregate (including shares of both an SLP-
Prop and an SLMM of the same or an affiliated member organization) of an
ADV of more than 0.22% of NYSE CADV in the applicable month. $0.0005

General
 Adding shares of both an SLP-Prop and an SLMM of the same or an affiliated member organization are
aggregated. Quotes of an SLP-Prop and an SLMM of the same member organization are not be aggregated.

 Affiliated member organizations that are SLPs are eligible for the most favorable rate for any such security
traded in an applicable month provided that one or both affiliated member organizations request and are
approved for aggregation of eligible activity pursuant to the requirements set forth in this Price List.

 In a month where NYSE CADV equals or exceeds 5.5 billion shares per day for the billing month, NYSE
CADV for that month will be subject to a cap of 5.5 billion shares per day for the billing month. In a month
where Tape B and Tape C CADV combined equals or exceeds 6.0 billion shares per day for the billing month,
Tape B and Tape C CADV combined for that month will be subject to a cap of 6.0 billion shares per day for
the billing month.

 SLPs becoming DMMs after the beginning of a billing month would not be eligible until the next full billing
month.

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 Price List 2023

Fees and Credits Applicable to Executions in the Retail Liquidity Program

Retail Liquidity Provider (“RLP”) credit fee per share per execution of a Retail
Price Improvement Order (“RPI”) against a Retail Order (this rate is
applicable to an RLP during the first two calendar months of operation as an
RLP, and, beginning on the first day of the third consecutive calendar month
of operation as an RLP, is applicable to an RLP that satisfies the applicable
percentage requirement of Rule 7.44) $0.0003

Fee per share per execution of an RPI against a Retail Order by an RLP that,
beginning on the first day of the third consecutive calendar month of
operation as an RLP, does not satisfy the applicable percentage requirement
of Rule 7.44 $0.0003

Non-RLP member organization (except DMMs) credit per share per

execution of an RPI against a Retail Order $0.0003

Retail Member Organization (“RMO”) credit per share per execution of a

Retail Order against an RPI or MPL Order (An RMO shall be charged
according to standard fee applicable to non-Retail Orders for a Retail Order
that executes against the Book. The standard routing fee shall apply to a
Retail Order that is routed away from the Exchange and executed on another
market) No charge

Non-RLP DMM credit per share per execution of an RPI against a Retail
Order $0.0020

Crossing Sessions I and II

Crossing Session I – No charge

Crossing Session II – Equity per Share (both sides) $0.0004 ($200,000 cap per
month per member
organization

Transaction Fees and Credits For Tape B and C Securities

Fees and Credits applicable to Market Participants

 Rebates indicated by parentheses ( ).

 For purposes of determining transaction fees and credits in UTP Securities based on quoting levels, average
daily volume (“ADV”) and consolidated ADV (“CADV”) below, the Exchange may exclude shares traded any
day that (1) the Exchange is not open for the entire trading day and/or (2) a disruption affects an Exchange
system that lasts for more than 60 minutes during regular trading hours.

Category Adding Liquidity Removing Liquidity

Securities at or above $1.00 ($0.0020) per share (displayed) unless $0.0026 per share (Floor brokers)
a credit below applies

No charge (non-displayed) Rates listed in the Tape A section of

the Price List above unless a better
Per share in each tape (MPL) as rate below applies
specified above following the

Page 15 of 25

Category
Securities below $1.00
Adding Tiers For
Securities At or
Above $1.00 Tier 2
Per-Tape 0.05%
Requirement (Non-
SLP and Floor broker
Adding % Tape
CADV) (including
shares of both an
SLP-Prop and an
SLMM of the same or
an affiliated member
organization)
Adding Liquidity
“Executions at the Close Equity Per
Share Charge” section
($0.0032) per share (Retail)
($0.0026) per share (displayed) (Floor
brokers)
Cross trades (i.e., a trade where a
Floor broker executes customer orders both Tapes B and C if at least either:
to buy and sell an equivalent amount of
the same security) – ($0.0006)
No Charge
Tier 1 Tape C Tier
0.10% 0.25%
Price List 2023
Removing Liquidity
$0.0026 per share for removing in
Tape C if 0.25% Adding Tape C % of
Tape C CADV.
$0.0027 per share for removing in
Tape C if 0.10% Adding Tape C % of
Tape C CADV.
$0.0026 per share for removing in
 0.175% Removing ADV± in
Tapes B and C combined as
a percentage of Tape B and
C CADV, that is also an
0.050% increase over the
member organization’s
November 2019 removing
ADV, taken as a percentage
of Tape B and C combined,
or
 0.075% Removing ADV± in
Tapes B and C combined as
a percentage of Tape B and
C CADV, that is also an
0.050% increase over the
member organization’s
November 2019 removing
ADV, taken as a percentage
of Tape B and C combined,
and execute an ADV4 of
MOC and LOC activity
combined on the NYSE in
Tape A securities of at least
0.35% of NYSE CADV.
0.3% of the total dollar value of
the transaction
Step Up Tier
N/A
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 Price List 2023

MPIDs or mnemonics of
Providing Volume member organizations that
Requirements have providing volume in
Tape A Securities of at
least 1.0% of Tape A
CADV, and the MPID or
mnemonic has providing
volume in Tape A
Securities that is:

 at least two times more

than that MPID’s or
mnemonic’s baseline in
January 2021 as a
percentage of Tape A
CADV, and
 at least 0.10% of Tape A
CADV over that MPID’s
or mnemonic’s Adding
ADV in January 2021
baseline as a
percentage of Tape A
CADV, and
 at least 0.25% of Tape
A CADV over that
MPID’s or mnemonic’s
Adding ADV in January
2021 as a percentage of
Tape A CADV

Per-Tape Non-SLP ($0.0023) ($0.0026) for Tape B ($0.0031) for Tape C ($0.0029) for Tape B and C
and Floor broker
Display Adding Rate ($0.0029) for Tape C
per share

± The term “Removing ADV” means the average daily volume of orders executed on the Exchange during the billing month that
removed liquidity.

SLP Provide Tiers+

For Securities at or
above $1.00

Non Tier Tier 2 Tier 1 Tape A Tier

Per-Tape Requirement 0.03% per tape# 0.10% for Tape B# SLP Tier 1 in both
(SLP Provide % Tape Not Applicable and quotes, and 0.075%for Tape Tape B and C or
CADV) unless calculated C,# and quotes, quotes, calculated
otherwise indicated monthly, in excess calculated monthly, monthly, in excess
of the 10% in excess of the 10% of the 10% average
average quoting average quoting quoting
requirement in requirement in 400 requirement in 300
200 or more or more assigned or more assigned
assigned securities in Tapes B securities
securities in and C combined++ separately in Tapes
Tapes B and C pursuant to Rule B and Tape C
combined++ 107B combined++
pursuant to Rule pursuant to Rule
107B 107B

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 Price List 2023

SLP Display Provide ($0.00005) per

($0.0029) per
Rate ($0.0031) per share share in addition to
($0.0026) per share per tape in
per tape in assigned the Tape A SLP
share per tape in assigned
securities where the credit in Tape A
assigned securities where
SLP meets the 10% assigned securities
securities where the SLP meets the
average quoting where the SLP
the SLP meets 10% average
requirement meets the 10%
the 10% average quoting
pursuant to Rule average quoting
quoting requirement
107B requirement
requirement pursuant to Rule
pursuant to Rule 107B pursuant to Rule
107B 107B
($0.0033) per share
per tape in assigned
securities where the
SLP meets the 10%
average quoting
requirement
pursuant to Rule
107B and provides
liquidity in all
assigned securities
of at least 0.25% of
Tapes B and C
CADV combined#

($0.0011) per
SLP Non-Display ($0.0015) per share Not Applicable
share per tape in
Provide Rate per tape, ($0.0025 if
($0.0008) per assigned
MPL order) in
share per tape in securities where
assigned securities
assigned the SLP meets the
where the SLP
securities where 10% average
meets the 10%
the SLP meets quoting
average quoting
the 10% average requirement
requirement
quoting pursuant to Rule
pursuant to Rule
requirement 107B
107B
pursuant to Rule
107B

+ Affiliated member organizations that are SLPs are eligible for the most favorable rate for any such security traded in an applicable
month provided that one or both affiliated member organizations request and are approved for aggregation of eligible activity
pursuant to the requirements set forth in this Price List when (1) at least one affiliate satisfies the quoting requirements for SLPs in
assigned securities, and (2) the combined SLPs’ aggregate volumes satisfy the adding liquidity volume requirements for SLP tiered
rates (i.e., SLP Provide Tier 2 and SLP Provide Tier 1).

++ Includes shares and assigned securities of both an SLP-Prop and an SLMM of the same or an affiliated member organization.
Individual securities quoted by both an SLP-Prop and an SLMM are only counted once.
#
SLP Provide % Tape CADV is subject to a maximum average for the billing month of 2.75 billion shares per day for Tape B, 3.25
billion shares for Tape C, and 6.0 billion shares for Tape B and C combined.

Routing Fees:

o For securities at or above $1.00, no fee for a Directed Order, as defined in Rule 7.31(f)(1), routed to
OneChronos LLC; $0.0005 per share in a NYSE American Auction; $0.0010 per share execution in an Away
Market Auction at venues other than NYSE American; $0.0035 per share for all other executions, or $0.0030
if the member organization has adding ADV in Tapes A, B, and C combined that is at least 0.20% of Tapes A,
B and C CADV combined

o For securities below $1.00, $0.0005 per share in a NYSE American Auction; $0.0010 per share execution in
an Away Market Auction at venues other than NYSE American; 0.30% of total dollar value of the transaction
for all other executions.

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 Price List 2023

NYSE BONDSSM SYSTEM

Execution Fee per bond for orders that take liquidity from the
NYSE BondsSM Book:

Executions of one to ten (10) bonds $0.00 per bond

Executions of eleven (11) to twenty-five (25) bonds $0.00 per bond

Executions of twenty-six (26) bonds or more $0.00 per bond

Bond Liquidity Provider rebate $0.05 per bond

Bond Liquidity Provider rebates are subject to a $50.00 maximum rebate per
execution

Risk Management Gateway (“RMG” SM)

Number of Connections (Monthly): Amount of Charge

First Connection (up to 1000 messages per second). $3,000.00

Every additional Connection (up to 1000 messages per second). $1,000.00

Listing Fees
Please refer to the New York Stock Exchange's Listed Company Manual for all fees pertaining to Listings.

Please click on the link below to access the Listed Company Manual and select subsection 902.00:
http://www.nyse.com/lcm/1078416930606.htm

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 Price List 2023

Equipment Fees

Schedule of Annual Charges, unless otherwise noted

Financial Vendor Services

Administrative Fee
Per ITPN User $480.005
Per Terminal for Non-ITPN Product $480.001
Various Products Direct Pass Through6

Member Telephone Service

Toll call amount billed by Verizon plus a per call surcharge on
Toll calls $0.69 and below $0.16
Toll calls greater than $0.69 $0.26

Booth Telephone System

Annual Telephone Line Charge $400.00 per phone
number
Single line phone, jack, and data jack $129.00

Service Charges12
Install single jack (voice or data) $161.25
Relocate jack $107.50
Remove jack $53.75
Install voice or data line $107.50
Disconnect data line $53.75
Change phone line subscriber $53.75
Miscellaneous telephone charges13
Internet Equipment Monthly Hosting Fee (per member organization, charged once for $1,000 per rack, $600
both NYSE and NYSE American) per half rack, or $400
per quarter rack
(beginning January 1,
2015)

12 The Exchange will make all efforts to perform services during hours covered by the maintenance contract; however, tasks
performed during overtime hours will be billed at a rate of 25% above the normal service charge.

13 To be billed at $106 per hour in 15 minute increments.

Medallion Signature Program $1,300.00

System Processing Fees

Online Comparison System (OCS)

Transaction Fees:

5
ITPN “User” is a member or person associated with a member, who has been entitled to receive one or more third party market data
vendor service offerings via the Exchange’s Integrated Technology Program Network.
6
Plus appropriate sales tax where applicable.
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 Price List 2023

Next Day Submission (Adds or Adjustments) and Questioned Trade Charge $0.50
– per submission or questioned trade

Step Out Charge (Adds or Adjustments) – per transaction $0.25

Transactions submitted to the Exchange for trade date comparison (Adds)

– per submission $0.10

Merged Order Report

Charge per hard copy $4.50

per 1,000 lines

Port Fees (not applicable to ports used for RMG, which are not charged)

Ports for order/quote entry $550 per port per month, except
that DMMs shall not be charged
for the first 12 ports per month
that connect to the Exchange,
and then $550 per port per
month thereafter.

Effective March 1, 2021, the

monthly fee for an order/quote
entry port activated after July 1,
2019 will be prorated to the
number of trading days that a
port is eligible for production
trading with the Exchange,
including any scheduled early
closing days.

Ports for drop copies $550 per port per month (only
one fee per drop copy port shall
apply, even if receiving drop
copies from multiple order/quote
entry ports), except that DMMs
shall not be charged for ports
that connect to the Exchange.

Effective March 1, 2021, the

monthly fee for a drop copy port
activated after July 1, 2019 will
be prorated to the number of
trading days that a port is eligible
for production trading with the
Exchange, including any
scheduled early closing days.

Market Data Fees

Please refer to the New York Stock Exchange's Market Data website for all fees pertaining to market data.

Please click on the link below to access the NYSE Market Data Price List:

http://www.nysedata.com/pricing

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 Price List 2023

Registration & Regulatory Fees

Registration Fees

Designated Market Makers (annual and new)

Regular Designated Market Makers $1,000.00

Associate and relief Designated Market Makers $50.00

Regulatory Fee

Monthly Gross FOCUS Fee: Amount per $1,000 Gross FOCUS Revenue, subject to the $0.12
annual minimums set forth immediately below
$0.11 as of
January 1,
2021

Minimum Annual Gross FOCUS Fee for:

Member organizations who do not conduct a public business $45.00

Introducing firms $250.00

Carrying firms and Designated Market Makers $500.00

Member organizations operating solely under a Bond Trading License are not subject to
the Monthly Gross FOCUS Fee and instead are subject to the following annual
Regulatory Fee: $500.00

Other

New Firm Fee – per application (not applicable in 2023 for New Firms applying only for membership to obtain a Bond
Trading License; provided, however, that if a new firm that is approved as a member organization converts a Bond
Trading License to a full trading license within one year of approval, the New Firm Fee will be charged retroactively)

Carrying Firms $4,000

Introducing Firms $4,000

Non-Public Organizations $2,000

Continuing Education Program for Qualified Floor Members

Fee per Bi-Annual Session $150.00

Testing Fees - Please call 212.656.2578 for information.

Arbitration Fees

Please refer to NYSE Rule 629 “Schedule of Fees” for all fees pertaining to arbitration.

Please click on the link below to access the NYSE’s Arbitration Rules:

http://www.nyse.com/regulation/arbitration/1124913483859.html
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 Price List 2023

CRD Fees for Member Organizations that are not FINRA Members

Each initial Form U4 filed for the registration of a representative or principal $125
Additional processing of each initial or amended Form U4, Form U5 or Form BD that
includes the initial reporting, amendment, or certification of one or more disclosure $155
events or proceedings
Processing and posting to the CRD system each set of fingerprints submitted
electronically to FINRA, plus any other charge that may be imposed by the U.S. $20
Department of Justice for processing each set of fingerprints
Processing and posting to the CRD system each set of fingerprint cards submitted
in non-electronic format to FINRA, plus any other charge that may be imposed by $30
the U.S. Department of Justice for processing each set of fingerprints
Processing and posting to the CRD system each set of fingerprint results and
identifying information that have been processed through another self-regulatory $30
organization and submitted to FINRA
System processing for each registered representative and principal $45 annually

Trading Licenses

Bond Trading License $1,000.00/ year, waived for 2023

Annual Fee:
All member organizations, including Floor brokers with 10 or more $4,165/month for the first trading
trading licenses (excluding Regulated Only Members) license held by a member
organization unless a below rate is
deemed applicable15

Member organizations with 3-9 trading licenses $2,915/month for the first trading
license held by a member
organization that has Floor broker
executions accounting for 40% or
more of the member organization’s
combined adding and taking
volumes during the billing month15

Member organizations with 1-2 trading licenses $2,080/month for the first trading
license held by a member
organization that has Floor broker
executions accounting for 40% or
more of the member organization’s
combined adding and taking
volumes during the billing month15

Regulated Only Members as Defined in Rule 2(b)(ii) Annual

Administrative Fee $2,080/month15

15
There is no charge for additional licenses held by a member organization. There is no charge for such trading license that is in
place for 10 calendar days or less in a calendar month. A trading license in place for 11 calendar days or more in a calendar month
will be charged the applicable license fee for that month. For the above lower rates, the number of licenses will be based on those
held by the member organization for 10 or more days in the billing month (including days the Exchange is not open for the entire
trading day).

NYSE Membership On-Ramp Program

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 Price List 2023

Effective April 1, 2021, a new member organization as described below is eligible to participate in the NYSE Membership On-Ramp
Program (the “Program”). For such new member organizations, the Program provides for discounted trading license fees, port fees
and fees for market data products specified on the NYSE Proprietary Market Data Fee Schedule, available at
https://www.nyse.com/publicdocs/nyse/data/NYSE_Market_Data_Fee_Schedule.pdf (“Market Data”) for up to 18 months according
to the schedule set forth below, subject to the following:

 To be eligible, a new member organization may not have been, within the prior 18 months, approved as an NYSE member
organization with an activated trading license. Eligibility for discounts begins in the month that a new membership
application is approved. A member organization is eligible to enroll in the Program only once.

 A new member organization that is an “affiliate” of an existing member organization, defined in the General section at the
end of the Price List as any member organization under 75% common ownership or control of that member organization, is
inegligible to participate in the Program.

 A firm that applies to become a Regulated Only Member is ineligible to participate in the Program. A Regulated Only
Member can become eligible for the Program in the first full month the Regulated Only Member becomes subject to one or
more trading licenses.

 The Market Data fees that are eligible for the Program are: Access Fees (general and Per User, if applicable), Professional
User Fees (internal use only), Non-Professional User fee (for external use, including Enterprise Fees), Non-Display Fees,
Redistribution Fee, and Multiple Data Feed Fee (“Eligible Market Data Fees”). The Program’s discounts are not available to
a member organization subject to the Digital Media Enterprise Fee or Professional User Fees for any data externally
distributed to professional subscribers. A firm that was a subscriber to any of the Eligible Market Data Fees within the prior
18 months before becoming approved as a new member organization is ineligible for Program’s Market Data fee discounts.
Program discounts cannot be combined with any other discounts applicable to Eligible Market Data Fees.

 A new member organization that is eligible for the Program will be subject to the following discounts:

Eligible Fees Months 1-6 Discount Months 7-12 Months 13-18

Discount Discount
Applicable Trading License 100% 50% 25%
Fees (as determined by
number of Trading Licenses
held by the member
organization)
Fees for the first 10 100% 50% 25%
Order/Quote Entry Ports
Fees for the first 10 Drop Copy 100% 50% 25%
Ports
Eligible Market Data Fees for: 100% 50% 25%

 NYSE Integrated
Feed
 NYSE Open Book
 NYSE BBO
 NYSE Trades
 NYSE BQT
 NYSE Order
Imbalances

General

I. Billing Disputes
All fee disputes concerning fees billed by the Exchange must be submitted to the Exchange in writing and must be
accompanied by supporting documentation. All fee disputes must be submitted no later than sixty (60) days after
receipt of a billing invoice.

II. Aggregate Billing of Affiliated Member Organizations

(a) For purposes of applying any provision of the Price List where the charge assessed, or credit provided, by the
Exchange depends upon the volume of a member organization's activity, a member organization may request that the
Exchange aggregate its eligible activity with the eligible activity of its affiliates.

(1) A member organization requesting aggregation of eligible affiliate activity will be required to certify to the
Exchange the affiliate status of member organizations whose activity it seeks to aggregate prior to receiving
approval for aggregation, and shall be required to inform the Exchange immediately of any event that causes an
Page 24 of 25
 Price List 2023

entity to cease to be an affiliate. The Exchange shall review available information regarding the entities and
reserves the right to request additional information to verify the affiliate status of an entity. The Exchange shall
approve a request unless it determines that the certification is not accurate.

(2) If two or more member organizations become affiliated on or prior to the sixteenth day of a month, and submit
the required request for aggregation on or prior to the twenty-second day of the month, an approval of the
request by the Exchange shall be deemed to be effective as of the first day of that month. If two or more
member organizations become affiliated after the sixteenth day of a month, or submit a request for aggregation
after the twenty-second day of the month, an approval of the request by the Exchange shall be deemed to be
effective as of the first day of the next calendar month.

(b) For purposes of applying any provision of the Price List where the charge assessed, or credit provided, by the
Exchange depends upon the volume of a member organization's activity, references to an entity (excluding references
to DMMs and where otherwise not permitted on the Price List) shall be deemed to include the entity and its affiliates
that have been approved for aggregation.

(c) For purposes of this Fee Schedule, the term “affiliate” shall mean any member organization under 75% common
ownership or control of that member organization.

© 2023 NYSE Group, Inc.

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